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Sage of Gloom: Financial Advice
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Sage of Gloom: Financial Advice |
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Professor Gloom Member Elite
since 2000-07-23
Posts 3082of Depression |
Recently, I have had several different people ask me my opinion on the financial crisis that face America today. Some of these people asking know my knowledge and some do not so I believe the reason they are asking is not because they believe I have any answers, but because they have heard no good answers anywhere. Perhaps, I have answers? Here are my thoughts on the matter. Golden Parachutes The corporate CEO now receives a great some of money whether or not he helps or hinders the company when he leaves. Normal people also receive a severance package, but nothing like the higher ranking mockers. I believe that one year’s pay is enough for most people, so any money above and beyond one years pay (averaged over last three years so they don’t bump the salary at the end to get more (not that corporate America would think of bypassing the intent of the law)) to a maximum of five million dollars should be taxed at rate of 95%. With half of the Taxed money going to the company’s general retirement fund, if they have one, the other money going to help the general Social Security Fund. Company Bonds would be taxed at 95% if redeemed within 1 year of departure 75% if redeemed between 1 year and 2 years of departure, 50% if redeemed between 2 year and 3 years of departure, 35% if redeemed between 3 year and 4 years of departure, And 25% after 4 years of departure. This would eliminate that as another way to give cash to someone leaving in the form of bond and would make the continued health of the company a concern so that those that mucked it up to badly suffer for the loss of worth. Bail outs Simple NO! If the government would wish to bail someone out, how about the people in trouble. Buy failed mortgages, property by property and not in lumps, so that people can remain in them. Requirements are simple; they must pay taxes and utilities while maintaining the property. Interest rate is 0% for the first year and then is 5% after that. To make the people that have not done stupid things with their finances give them a tax credit of all interest on their primary property (only one property allowed) for three years. This credit only applies to people with an income of less than 5 million dollars and does not extend to corporations or businesses. Businesses that fail get a nice card in the mail. Their employees get extended unemployment benefits to one full year. These measures might equal the amount of bail out the Government was going to give, but probably not. American needs to invest in America Think FDR (our greatest socialist) if you must, but the infrastructure is failing. Our schools teach tests and not how to think and learn. The lesson should be that you can fail! Schools for trades should be ranked right up there with high schools and colleges. Universities need to help the society by teaching how to advance our sciences. Enough, I descend from my soapbox to allow others to step up You do remember how to step up don’t you? Gloom |
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JamesMichael Member Empyrean
since 1999-11-16
Posts 33336Kapolei, Hawaii, USA |
Seems like some wise words... I would prefer to see tar and feathers for the CEO's responsible for this mess and those in the Government that did nothing to correct the problems until now...James |
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latearrival Member Ascendant
since 2003-03-21
Posts 5499Florida |
If you are thinking of the old WPA, we sure do need a lot of new bridges and other home repairs. ."late" |
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amusemi Senior Member
since 2001-12-08
Posts 1262A State of Disarray |
In today's paper I read a quote that really hits home and I'm glad to see you reiterate that point... I too would rather see the homeowners assisted rather than the banks. But I would hope it would not be in such a way that simply chastises and then gives the idea that it's not their fault. One should take responsibility for one's choices and do what needs to be done to unbury him/herself. I really don't like the idea of the CEO's getting off scott free and am pleased to know that caps for their salaries are being considered as part of bail-out legislation. It ticks me off that everytime a person walks into a bank or real estate office the bank/or agent tries to upsell...happens when we buy a vehicle, too. It's the American way to buy the shiniest thing we can find without thinking the decision through. The uneducated, or unwise, often find themselves manipulated into purchases that seem reasonable at the time, but wind up becoming nothing but a dead weight. The thing I fear most is that we are so used to instant gratification we will simply repeat these choices and problems over and over again. We need to push home the mindset of living within one's budgets....better yet save up and pay cash! |
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Midnitesun
since 2001-05-18
Posts 28647Gaia |
A man who speaks my thoughts! YES! All the sinking middle class homeowners, struggling students, those living-on-Social Security-only citizens, and struggling small businesses should get assistance before the fat cats. If the entire bailout amount suggested for AIG alone could be equally divided among adult Americans 18+ (including military personnel) we'd probably all bail ourselves out of the mess this past administration purposely buried us in...yes, Bush knew what he was doing, for it's always been the 'Republican' agenda to bury the middle class and leave most wealth in the hands of a few. |
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